A brand new BD20 million new Community Shopping Mall will open its door for businesses in 18-months time, it was announced on Thursday.
Shaikh Abdulla bin Khalifa Al Khalifa, Chairman of Seef Properties, 50% and single largest stakeholder in the new mall project, told the 24X7 News the new mall would be up and running by 2014.
“The new venture has been named Muharraq Community Mall keeping in view Muharraqites who have been living as a family over the decades and constitutes the largest concentration of population in that area,” Shaikh Abdulla explained.
Earlier, Seef Properties signed a partnership agreement with Muharraq Mall Company announcing their acquisition of a 50% stake in the upcoming Muharraq Seef Mall near Arad Fort.
The new partnership paves the way for the development of the BD20million project whereby Seef Properties will be responsible for the leasing and management of the mall which is projected to open by Q3 2014.
Integrated with the new corniche constructed along Arad bay, the Muharraq Seef Mall has a total leasable area of 30,000 square meters and will have on-grade parking with retail space spread over two levels. The project will contain retail and leisure outlets and has been designed to cater for the needs of the residents living in Muharraq and visitors alike. The project includes an open air amphitheatre that will be used for public and cultural events.
“This acquisition marks an important milestone in the evolution of Seef Properties as it becomes the leading mall developer in Bahrain. We see this project as an important facility for the residents of Muharraq, and also an indicator of business confidence in Bahrain. We hope to be able to announce further acquisitions or developments in the near future,” Shaikh Abdulla added.
“We are delighted with our partnership with Seef Properties. Their backing of the project and the experience they bring will add significant value and ensure the success of the project,” Adnan Al Bassam, Chairman of Muharraq Mall Company, said.
“We are also extremely grateful to the Muharraq Club, as the owners of the land, for their assistance in facilitating the new partnership, he further added.
The Muharraq Mall Company WLL is a 55/45 joint venture between the Malls Real Estate Development Company and Haykala Investment Company.
Seef Properties is primarily engaged in the real estate business and in providing retail, leisure and recreational facilities. A developer and manager of over 800 commercial retail units in 45 different locations in the Kingdom of Bahrain, the Company owns and manages Seef Mall.